Goldman Sachs: Demand for Oil Will Recover in 2022

US based banking and financial services company Goldman Sachs has declared that they anticipate a recovery for oil demand in 2022.

The company reported that global demand for oil will return to its pre-pandemic level in 2022 at the earliest.

An increase in transportation and infrastructure projects will help recover the demand; but not before 2022.

The company foresees an 8% decrease in demand in 2020, and a 6% increase in 2021. Recovery in oil markets is expected in 2022. Global demand has decreased by 12% in June 2020, in comparison to the same month of 2019. An improvement in Chinese and Indian economies help the recovery in demand.

The report also suggests that a second wave of infections will further affect the global oil consumption and demand.

The company predicts that barrel value of Brent oil will be $35 in the short term, and $55 in 2022.

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